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Sun, 22 Mar 2026

Sun, 22 Mar 2026 Energy bills rise 'inescapable' if oil prices stay high, says British Gas boss

The boss of Centrica says it is "too early" to speculate but if oil costs continue to rise, homes will be hit.

* UK's largest energy supplier Centrica says household bills will rise by £332 if oil prices remain high due to the Iran war.
* Oil prices have soared 45% to $106 a barrel since the US-Israel war with Iran began, but gas prices have been affected less (only 3-4% of global gas supply lost).
* Chris O'Shea, Centrica boss, says government support for energy bills should be "targeted" rather than blanket help.
* Housing Secretary Steve Reed rules out capping profits of energy companies and petrol stations as suggested by the government's cost-of-living tsar Lord Walker.
* O'Shea questions how a profit cap would work and suggests allowing further oil and gas exploration in the North Sea to alleviate potential price rises.
* Energy Secretary Ed Miliband previously dismissed calls for new oil and gas licences, citing that international markets set gas prices regardless of origin.